United States:
U.S. Treasury Announces Customer Due Diligence Final Rule For Financial Institutions
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On May 5, 2016, the U.S. Department of the
Treasury announced a Customer Due
Diligence (CDD) Final Rule that requires financial
institutions to conduct certain diligence to verify personal
information of beneficial owners of legal entity
customers. The final rule under the Bank Secrecy
Act was published in the Federal Register on May 11, 2016
and becomes effective July 11, 2016. Press Release. Final Rule.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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